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91204 : Real Estate Advice

  • All7
  • Local Info1
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 6
Mon Dec 28, 2015
James.trulia answered:
There's also the "Extra Credit Teacher Home Purchase Program (ECTP)" from CalFHA.
http://www.calhfa.ca.gov/homebuyer/programs/ectp.htm
0 votes 17 answers Share Flag
Mon Jan 5, 2015
Tristam Bielecki answered:
If you suspect a listing is fraudulent, you can report it using the "flag" option on the listing page.
0 votes 1 answer Share Flag
Wed Sep 24, 2014
Valli Lopez answered:
You can do a rapid re score which is a process which a loan officer takes your info and orders the 3 bureaus to contact chase and require them to report it. It's quite expensive($135 per bureau) but the most effective way to do it.

You can also report it on each bureaus website, they are required to reply within 30 days and you will get mailed updates directly from the bureaus.

My last little tid bit here is that you can buy after a short sale now, you don't have to pay mortgage insurance either.

Call me if you need my help, I don't charge to fix your credit and can guide you as well.

Valli Lopez
NMLS 980530
619.916.9595
Valli@vallilopez.com
... more
0 votes 3 answers Share Flag
Wed Apr 20, 2011
Keith Sorem answered:
R.
I am including a link below that may be helpful for you. The practical story is that most homes that are foreclosed have a market value of less than the amount owed. This means that if I owned a home with a $700,000 mortgage, and it was worth $550K, and it was foreclosed, why would I redeem the property by paying more than it's worth, plus the late fees, penalties, and i interest?

Market values are driven by economic forces. Given the downward trend in values, the only time I can see this happening is if the property is worth more than the outstanding mortgage balance, plus penalties.
... more
0 votes 2 answers Share Flag
Fri Apr 23, 2010
Tommy Lee answered:
Carrie,
Looks like you have a number of answers but none of them gives you a concrete answer. Why? Because every financial entity that has mortgages has different rules. Suppose the lien holder is a major bank. Chaces are then bank will try to work with the landlord. But suppose it is a investment company that bought the mortgage on the open market. They may not be willing to do such a modification. Now suppose the lender is a private lender locally. They may want the property rather than work with the landlord.

Another thing to think about is that most loan modifications do not succeed. I work short sales in your area and pretty much everyone I contact says they are going to get a loan modification. But right now I thnk the percentage that get through the paperwork is about 16%.

My suggestion is to start looking "just in case". If you need help, please give me a call or email me at the email address below.

Tommy Lee
DRE #01723594
tommy.lee@dilbeck.com
323.821.2292
... more
0 votes 7 answers Share Flag
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